All Forum Posts by: Wilson Lee

Call the city, or county if not in a city, Ask to speak to a zoning bored representative.  They should have a packet of information on the process.  

The typical process looks like this, though may very 

1. Draw up plans for how the lot/parcel would be used and complies with the target zoning type's regulations.
2. Apply for approval of plans
3. The zoning board will mail notice all the property owners in the area.  You may have to run an add in the news paper.  Here it is 3 weeks of adds. 
4.  Lastly there is a public hearing where you will argue the benefit to the public for the zone change. Anyone can show up to oppose your proposal.
5. The zoning board will rule on your proposal. 

GOOD LUCK!

A lawyer is your solution.  Pay them a few hundred dollars. They will craft language that should be backed by president and/or case law.

 Normally, You would only lose your earnest money if you back out.  It benefit you to put up the smallest earnest deposit you can.   It is very unusual for a seller to try and sue you to have a court compel.

There is some less ethical ways add escape language. For example, in your inspection contingency, You can put 

"Contingent upon buyer's approval of home inspection"  Rather than "Contingent upon passing home inspection

If you want out of the contract, say you don't approve of the inspection. Regardless if it is passing.

First off, If you really have to make a post about your manager, It shows you question their performance, motives or method. Maybe they are not a good fit for you.  Regardless as to their actual performance. 

How long have they been trying to fill your units?  What is the vacancy rate for your market this time of year?If your manager is preforming below the market's vacancy rate. Fire them.

Normally, in my area, We sign a property management agreement before they advertise the property.  The agreement makes it exclusive. So, If you have such an agreement, you would need to fire your manager, then bring on a different one.  Even if your agreement is not excursive, I cant recommend it.  It feels a little underhanded to have more than 1 manager at a time chase your units. Your reputation in your market is far more important than a month of missed rent. 

Lending is very important to what we do as investors.

Your average Jo's (and Jane's) are not out do flips because flips take a responsible person to over see and manage them.  There is a lot that can go wrong and lenders want someone on the hook with the financial fortitude to carry the deal if things go sideways.  More to the point, They want to know they will get paid.  They choose to work with people who have a history of paying their debits.

The real value we bring in to a real estate transaction is responsibility.  Even on the rental side, We get the mortgages for homes in place of the tenants because we are better qualified to hold the mortgage, Because we are trusted to pick the profitable properties. 

Credit is important, But it is not the end all.  What is your balance sheet like?  How is your Net worth?  You could focus your efforts on being more attractive to lenders.  

Some ways to do that is to:

• Increase personal W2 income.  
• Pay down high debit balances on any debit with more than 50% usage.
• Open more lines of credit but keep a low balance. 
• Build up liquid assets such as cash on hand.
• After being discharged for 2 years, every thing is like new in the eyes of most banks

In the short term you can try to partner with someone who will co-sign.  Use the profits to get your self in a better state for lending.

A 2nd option is to whole sell your deals to an investor you can carry the deal through. Again, use the profits to become more attractive to lenders.

If it will not cash flow when leveraged. It is not a deal.  Keep looking.

We charge a $50 application fee at application for high demand units.  We wave this if there is less demand.  

To secure the unit we charge deposit equal to 1 months rent plus a cleaning fee of $150 (no refund).  

At move in (keys) we charge prorated rent.  We also charge next months rent if prorated for less than 15 days. 

If we do any move in discount it is applied to the 2nd instance of rent payment to insure financial fortitude of the applicant.

First, Get everyone to sign a LOI that list terms and goals. Make sure to decide how the group will control the fund. Who will manage it. When votes happen. How often you meet. How often you will allow draws.

Go speak to an attorney. Have him/her turn the LOI's in to an operating agreement and draw up formation papers. He will advise you on any SEC rules or state laws you need to comply with.

After you from the L.L.C. get your ENI number to open the account.  Fund the account. Then go investing.

As for taxes, the LLC is a pass through entity. Each member will have their portion of earnings passed through to their income taxes. A CPA and/or Lawyer could advise your group if a legal entity would offer better tax benefits.

Or you can find a bank that would carry the note in house. 

I have a building with no washer and dryer.  The only people who rent there do so because they are on there last leg and need a roof over them.    They are very hard to deal with.  They have no safety net so every little upset in their life can cause a unit to turn over.  

With that said it cash flows exceedingly well.  But it takes up a lot of time too.

 I have not been in touch with him in a few years.  Williams properties are located on District Court.   I think he has a sign with his info.

Google earth may show it if you don't want to drive.